Since briefly crumbling below the $1,600 handle on Friday, Ethereum (ETHUSD) has rebounded, but it has been languishing below $1,700 in weekend trading.

At one point on Wednesday Ethereum (ETHUSD) was trading to as high as $1,829.87, As the US markets closed last night and Asian markets reopened, the second largest cryptocurrency slumped to as low

As noted here earlier today, the almost 100% surge in Ripple (XRPUSD) set the stage for Ether to rise above $2k and BTC to reclaim the 31k handle.

As covered in the previous update concerning BTC and the explosive jump in XRP, the price of Ethereum (ETHUSD) has reclaimed the $2k handle.

Following on from the previous update noting that BTC was threatening the 31k handle, it has now extended that move to reach 31,500 a moment ago.

The price action in the lead crypto space so far today has seen both Ether and BTC fall back. Ether (ETHUSD) is clearly leading the way today as it drops back close to the $1,900 handle.

On Friday the reported negative news from the US SEC regarding the proposed ETF filings was not good for the lead cryptocurrency.

Earlier today, as BTC reclaimed the 31k handle yet again, that was the catalyst for Ethereum (ETHUSD) to drive above $1,900 once more.

On Thursday, as BTC lifted above 31k, that was the catalyst to help drive Ethereum (ETHUSD) above $1,900 for the first time since the beginning of June.

It is not actually clear here which is leading the other, but the rebound started yesterday afternoon, in both BTC and Ether has extended further.